The present invention relates to financial data systems. More particularly, the invention relates to methods and apparatus for a universal financial data system, part of which advantageously serves as a highly portable cash substitute that is also capable of electronically compiling, storing, and retrieving data related to multitudes of financial accounts and transactions in real time as the transactions occur.
In the prior art, there exists known financial data storage methods and apparatus that enable them to serve as cash substitutes. One example involves the familiar credit card, known by their various tradenames as Visa(trademark) cards, MasterCard(trademark) cards, and the like. On these prior art credit card, however, the amount and types of data stores are typically quite limited. For example, none of the prior art credit cards are capable of storing transactional data, i.e., data related to transactions involving the account associated with that card. Examples of such transactional data include the amounts of money spent on certain goods or services, the names of the establishment where such transaction takes place, the date and time of such expenditures, and the like. Further, each of these prior art cards is typically associated with a single account or a single financial institution. Because of this, it is necessary to carry multiple cards if the use of multiple accounts, some of which may be of different types and issued by different institutions, is desired. Consequently, while these cards are useful as cash substitutes, they do not satisfactorily serve as apparatus for storing data pertaining to one""s financial conditions and activities.
Financial data storage systems are also known. By way of example, there exists software accounting packages designed for execution on digital computers, such as Quicken(trademark) by Intuit Corporation of Menlo Park, Calif., that are capable of managing data related to financial accounts and transactions. However, these prior financial data storage systems are not designed to operate as cash substitutes. For example, they are neither convenient to carry nor linked to financial institutions to allow their users to obtain goods and services.
Further, they do not, in an integrated manner, gather transactional data automatically as transactions occur to update their accounts. Their function is purely bookkeeping. If the accounts in these prior art financial data storage systems are to be updated, their users would have to manually enter the transaction data, perhaps from the transaction receipts. Because of the additional labor required to track data related to transactions, users are often discouraged from consistently using these products to manage their financial data.
In view of the above, what is desired is an improved method and apparatus for a universal financial data system and card that not only serves as a portable cash substitute but also has the intelligence to gather transaction data as transactions occur to update its accounts. To reduce the number of cards a user has to carry, the improved apparatus is preferably capable of storing financial and transaction data related to multiple accounts, some or all of which may be issued by different financial institutions. To further improve usability, it is preferable that the universal data card communicate with other devices using a wireless link.
The present invention relates to a smart universal financial data card which allows its holder to keep track of all his financial data and financial transaction data in a highly portable package. The inventive universal financial data card is capable of supporting multiple accounts of various types from diverse financial institutions. By way of example, different account types such as checking, savings, credit accounts, gasoline and department store accounts, securities accounts such as stocks or bonds, accounts related to medical insurance, government support programs such as social security, food stamps, government medical support, and the like, may all be kept track of by the inventive universal financial data card. All transactions related to the accounts stored in the universal financial data card are also kept track of thereon. If desired, the holder may also retrieve valuable information from the universal financial data card regarding these accounts such as date of transaction, amount spent, name of payee, type of transaction, service fees, interest charges, monthly or yearly statements for each account or all accounts, and monthly or yearly data for each account or all accounts in various data formats, including spreadsheet formats.
In one embodiment, the invention relates to a universal financial data card for compiling and storing financial transaction records pertaining to a plurality of financial accounts. In this embodiment, the financial transaction records are compiled from financial transaction data communicated between the universal financial data card and a card reader.
The universal financial data card includes a memory circuit for storing holder data pertaining to a holder of the universal financial data card. The memory circuit further stores account data pertaining to the plurality of financial accounts and the financial transaction records pertaining to the plurality of financial accounts.
Further, the universal financial data card includes a processor coupled to the memory circuit. There is also provided a data exchange circuit coupled to the processor. The data exchange circuit permits the universal financial data card to receive first selected data from the card reader and to send second selected data to the card reader during a financial transaction pertaining a selected one of the plurality of financial accounts, wherein the processor, responsive to the first selected data, compiles a transaction record related to the financial transaction pertaining the selected one of the plurality of financial accounts for storage in the memory circuit.
In another embodiment, the data exchange circuit of the universal financial data card facilitates wireless communication with the card reader.
In yet another embodiment, the invention relates to a method for compiling and storing financial transaction records pertaining to a plurality of financial accounts. The financial transaction records are compiled from financial transaction data communicated between the universal financial data card and a card reader.
The method includes the step of providing a memory circuit for storing holder data pertaining to a holder of the universal financial data card. The memory circuit further stores account data pertaining to the plurality of financial accounts and the financial transaction records pertaining to the plurality of financial accounts. Further, the invention includes the step of coupling a processor to the memory circuit. Additionally, there is provided the step of coupling a data exchange circuit to the processor. The data exchange circuit permits the universal financial data card to receive first selected data from the card reader and to send second selected data to the card reader during a financial transaction pertaining a selected one of the plurality of financial accounts, wherein the processor, responsive to the first selected data, compiles a transaction record related to the financial transaction pertaining the selected one of the plurality of financial accounts for storage in the memory circuit.
These and other advantages of the present invention will become apparent upon reading the following detailed descriptions and studying the various figures of the drawings.